MEETING OF CREDITORS.

Auckland Star, Volume XLI, Issue 71, 24 March 1910, Page 2

MEETING OF CREDITORS.

*■■ '■'-.'.' ■" - ' Yesterday morning at the office of the Official .Assignee,, a second-meeting of • creditors in the; estate .of John Simp- ' son, farmer, of Henderson, was: "held. 1 The- bankrupt was in partnership in a ' farm of 300 acres with a man named • Tonrpkinson, with ■whom lie did;" not. ' agree.- 7 The .partnersbip -was- dissolved, ' and Tompkinson ...obtained judgment | 1 against Simpson for £126, -which -was 1 stated to be principally money lent. At >■ the first meeting of creditors the bankL rapt stated that half the farm had been ' made over to his daughter in return 1 for three and a-half years of work, for ' which she received . no. wages; and Tompkinson,. - wipse claim is for the £126 above-mentkmed, objected to this ' property being ; made oyer to the ' daughter, and moved that steps be taken to set aside the -bankrupt's gift. Yesterday Mr. Keed appealed for the j daughter, and intimated that his client j intended to fight the matter, if pressed, since she was folly entitled to a halfshare in The equity of the redemption of the property (-which carries a mortgage of £800). Hie daughter, how-ever,-bad faith that the. property wcrala soon ha-ce- increased in value if properly cared-for, -proposed that if the creditors would let the matter rest for a while, she and her father would give them a second mortgage over the property, for twelve months at five per cent, subject to the first mortgage. She hoped to sell the property at an improved value that would enable her to pay the creditors 20/- in the £ plus the ' interest. ■It was agreed, after discussion, not to realise upon- the property within a year, on the understanding that at the end of that time the daughter of bankrupt must forego her title, and that of any surplus from the sale both bankrupt and daughter shall receive equal snares! ' "~ ■ -••■'